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Advising and dealing in securities is a core activity of the investment industry and a knowledge of the main asset classes, dealing and investment advice is essential to the provision of all types of investment products and services, including collective investment schemes, investment management accounts and pension funds.
This study text takes a detailed look at the characteristics of equities, bonds, cash and the money markets. It then covers investment funds or collective investment schemes. Financial markets are also considered, including trading, clearing and settlement.
The study text then focuses on the structure of financial markets, how they are regulated and how new issues of shares and debt are undertaken, how they are traded in secondary markets, the role of the main participants, and how equity and bond dealing take place. How trades are settled and some of the subsequent corporate actions that can affect a shareholding, why they are announced and how they affect an investor’s holding, are then considered.
Next comes investment analysis and the range of market information that is available to assist in investment decision making. The process of investment advice and portfolio construction is then explored. The role of asset allocation and the range of investment strategies that can be adopted, and how portfolio risk and return can be evaluated, follow.
Finally, some of the factors involved in reviewing portfolios and client circumstances are considered. These include examining the reports that need to be sent to clients on their investments and how their investment performance can be calculated and interpreted.
Purpose
At the end of this unit, candidates should be able to demonstrate an understanding of:
Assessment
Course delivery
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Study material - editions available
2024-25 edition (applicable to exams sat 01 Sep 2024 to 31 Aug 2025)
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These updates are Learning Solutions updates for study purposes.
2024-25 edition
To view a list of the main areas of change in the 2024-25 edition, please click here
Chancellor's Budget/Statement and tax tables updates for 2024-25 edition:
2023-24 edition
To view a list of the main areas of change in the 2023-24 edition, please click here
Chancellor's Budget/Statement and tax tables updates for 2023-24 edition:
Testing Position
Financial Ombudsman Service Award Limit Change
Changes to the Financial Ombudsman Service (FOS) award limits come into effect on 1 April 2024. Examinations will be reflective of these changes from 1 July 2024.
The Panel on Takeovers and Mergers levy
Changes to Panel on the Takeover and Mergers (PTM) levy come into effect on 2 December 2024. Examinations will be reflective of these changes from 2 March 2025.
The J12 Examination Guide for exams from 1 September 2022 to 31 August 2023 was first published in June 2022. Any questions which have been amended since the examination guide was first published will appear below.